Small Business Archives - Palmetto Payroll Solutions

Accounting Payroll Processing Payroll Tax Responsibilities Small Business

How to File Required 1099 Reports Electronically

The Internal Revenue Service (IRS) requires employers to provide a 1099 income reporting form for all independent contractors who earned more than $600 in a calendar year. Starting in 2020, the IRS required employers to select one of two types of 1099 forms rather than defaulting to the 1099-MISC form used in previous years. If…

Palmetto PayrollAugust 2, 2021

Accounting Reporting Small Business

Your Fiduciary Responsibilities When Offering 401(k) Employee Benefits

The Internal Revenue Service (IRS) defines a fiduciary as a party that owes a duty of care to another party and must act in their best interest because of this. If your company offers a 401(k) retirement savings benefit to employees, the actions required to manage the accounts involve fiduciary responsibilities. This is true whether…

Palmetto PayrollJuly 16, 2021

Human Resources Outsourced Payroll Payroll Processing Payroll Tax Responsibilities Small Business

Outsourcing Payroll Brings a Quick Return on Investment

Small and mid-sized business (SMB) owners often feel caught between a rock and a hard place when it comes to payroll. On the one hand, the task is taking up too much staff time. At the same time, owners of SMBs may worry about the cost of outsourcing payroll and entrusting another party with the…

Palmetto PayrollMay 30, 2021

Company Culture Employee Onboarding Human Resources Small Business

Recruitment Strategies For Small Businesses in 2021

Recruiting, hiring, and onboarding new talent will look different in 2021 than it did even a year ago. The increase in permanent remote working arrangements, massive unemployment followed by a labor shortage, and ongoing workplace disruption are just some of the challenges that today’s small and mid-sized companies face. Recruitment strategies that worked in the…

Palmetto PayrollMay 17, 2021

Accounting Outsourced Payroll Payroll Processing Payroll Tax Responsibilities Small Business

Review Your Balance Sheet to Determine the Health of Your Business

How healthy is your business? Fortunately, the answer to this question is as simple as looking at its balance sheet. According to the Small Business Administration (SBA), a company’s balance sheet includes its assets, liabilities, and each owner’s share of equity as of the date of preparation. The owner’s share of equity should be the…

Palmetto PayrollApril 30, 2021

Payroll Processing Reporting Small Business Taxes

How the Latest Covid Relief Bill Impacts Small Businesses

President Joe Biden signed the first Covid relief bill of his new term on March 11, 2021. The new bill, worth $1.9 trillion dollars, is the sixth passed by Congress to address the economic impact of the COVID-19 pandemic on individuals and businesses. Named the American Rescue Plan Act (ARPA), the new bill incorporates some…

Palmetto PayrollApril 15, 2021

Accounting Small Business

Resources for Veteran Entrepreneurs

In 2019, Bunker Labs conducted a survey with military veterans transitioning to civilian life. One in four veterans responding to the survey expressed interest in starting their own business but needed funding to do so. If you’re a veteran turned entrepreneur, we are happy to let you know that many resources exist to help you…

Palmetto PayrollSeptember 15, 2020

Accounting Small Business

The Importance of Keeping Accurate Records for Your Small Business

For many small business owners, creating and maintaining an accurate recordkeeping system is one of their least favorite parts of the job. However, they also know that it’s crucial to their ongoing success. Whether you’re a one-person operation working from home or you have already hired a handful of employees, we urge you not to…

Palmetto PayrollApril 30, 2020

Small Business

The CARES Act Opens Floodgates to Free Money for Businesses

The CARES Act has opened the floodgates to free money for businesses Below are the basic details of loans available to businesses. They are incredible unless regulations apply limits: This new law lets any business borrow 2.5 months of payroll, benefits, interest on loans and lease payments. The loan is made through a bank that…

Palmetto PayrollMarch 27, 2020

Small Business

Preparing Your Business for the Effects of the Coronavirus – Emergency Business Planning

Preparing Your Business for the Effects of the Coronavirus – Emergency Business Planning With the rapid onslaught of the Coronavirus threatening to disrupt business operations in the U.S., there are three ways you can face the future: panic, do nothing, or plan. As we work with business owners through these tough times, we know the…

Palmetto PayrollMarch 23, 2020